Leadership Strategies to Launch, Build and Grow
Dr Lakshmi Jagannathan, Executive VP, COMET Foundation and Chief Executive Officer, Innovation Centre, 0
The Department for Promotion of Industry and Internal Trade (DPIIT) recognizes over 159,000 startups in the country, solidifying India’s position as the third-largest startup ecosystem globally. However, Founders often face hurdles such as limited funding, inadequate product-market fit, insufficient mentorship, and weak industry connections that hinder them from growing. In an interaction with CEO Insights, Dr Lakshmi Jagannathan, Executive VP, COMET Foundation and Chief Executive Officer, Innovation Centre, shared her thoughts on how leaders should build strategies to launch, build, and grow as well as sustainable business opportunities that can be utilized for the same. Below are a few key excerpts from the exclusive interview.
What have been the biggest lessons that have shaped your leadership approach today?
This year marks my 35th year of my professional journey, spanning academia, corporate roles, and the startup ecosystem. After my tenure at the School of Management, I made the conscious choice to fully immerse myself in startup incubation. While academia provided a structured setting, the startup world brought daily unpredictability and the chance to engage with energetic young individuals dedicated to addressing important societal issues.
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Additionally, I hold the belief that collaboration is key to achieving success. Throughout the years, I have been actively involved in various programs, events, and conferences, ensuring I not only connect with new individuals but also cultivate strong, fruitful relationships. These connections have played a vital role in shaping me as a leader.
How would you describe your foray into the startup incubation ecosystem in the country?
I was one of the pioneering professionals when I entered the startup incubation scene. I acquired invaluable experience through on-the-job learning. This practical approach has allowed me to guide numerous incubators on strategy, engaging stakeholders, creating sustainable business models, and fostering ecosystem growth.
Over the years, I have established a robust network that helps me provide support to entrepreneurs whenever possible. When I can help a startup or entrepreneur through my network or insights, I view it as a successful day.
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As a staunch supporter of the startup ecosystem, how do you advise budding leaders on scaling and building sustainable and resilient businesses?
Almost 95 percent of startups fail within the first three years due to their inability to scale, a phase commonly referred to as the valley of death. Two crucial points are worth noting: there exists a disconnect between startups' perceptions of the actual problems faced on the ground and the solutions they are developing. Therefore, I advise startups from
the outset to engage with the end user and understand their primary issues related to the problem you intend to solve, and whether they are willing to pay for it. Is there a viable revenue model? Only then should you start building.
Additionally, in any startup lifecycle, there are typically three potential outcomes: either the startup grows significantly and goes public through an IPO, it encounters serious issues and ceases operations, or it performs well enough to attract an acquisition. If a promising opportunity arises for acquisition, they should be open to that prospect. Entrepreneurs must enjoy the entrepreneurial journey and not become overly attached to their startup to the point where they aren’t willing to let go.
What should leaders focus on to maintain the financial health of their venture?
From the very beginning, leaders’ priority should be centered around how to increase sales and generate more revenue. Startups that are oriented towards revenue are more likely to scale successfully and sustain that growth over the long term. Nowadays, investors are also on the lookout for startups that generate revenue to assist them in scaling their businesses effectively.
You are also involved in initiatives that leverage technology for healthcare. Could you elaborate on the challenges you aim to address for underprivileged individuals in terms of healthcare access?
Firstly, a substantial percentage of India’s population lacks adequate access to healthcare, particularly for mothers, pregnant women, children, and individuals in rural areas. Even when access is available, individuals often have to bear significant costs, namely travel expenses. As a result, there is a delay in seeking care, leading to worsening of conditions.
While technology can enhance prevention and diagnosis, it is not a remedy for treatment. Therefore, leaders must ensure that there is a clinical component and that we collaborate closely with hospitals and communities to provide treatment.
At IIIT-B Innovation Center, we engage with clinical partners and have been running a robust program to identify their specific challenges, particularly at NIMHANS. One of the solutions from these startups is the KABHI Clinic under the Karnataka Brain Health Initiative.
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We are also in the early stages of discussions with two large hospitals, one focusing on non-communicable diseases (NCD) and the other on cancer. We aim to explore how we can utilize startups that are developing AI solutions and large language models (LLMs) for the early detection of these diseases.
What is your success mantra, and what is your vision moving forward?
My key to success isn't a traditional mantra, but rather my unwavering authenticity in everything I undertake. Commitment has been a cornerstone of my professional journey throughout the years. I ensure that whatever I promise, I follow through to make it happen. Additionally, I consider myself a strong collaborator, enjoying the process of working with all stakeholders to drive progress together. I don't have specific professional milestones or goals mapped out for five to ten years ahead. Instead, my aspiration is to be part of the impact sector, where I can make a difference and utilize technology to enhance that impact.
Additionally, in any startup lifecycle, there are typically three potential outcomes: either the startup grows significantly and goes public through an IPO, it encounters serious issues and ceases operations, or it performs well enough to attract an acquisition. If a promising opportunity arises for acquisition, they should be open to that prospect. Entrepreneurs must enjoy the entrepreneurial journey and not become overly attached to their startup to the point where they aren’t willing to let go.
I advise startups from the outset to engage with the end user and understand their primary issues related to the problem you intend to solve.
What should leaders focus on to maintain the financial health of their venture?
From the very beginning, leaders’ priority should be centered around how to increase sales and generate more revenue. Startups that are oriented towards revenue are more likely to scale successfully and sustain that growth over the long term. Nowadays, investors are also on the lookout for startups that generate revenue to assist them in scaling their businesses effectively.
You are also involved in initiatives that leverage technology for healthcare. Could you elaborate on the challenges you aim to address for underprivileged individuals in terms of healthcare access?
Firstly, a substantial percentage of India’s population lacks adequate access to healthcare, particularly for mothers, pregnant women, children, and individuals in rural areas. Even when access is available, individuals often have to bear significant costs, namely travel expenses. As a result, there is a delay in seeking care, leading to worsening of conditions.
While technology can enhance prevention and diagnosis, it is not a remedy for treatment. Therefore, leaders must ensure that there is a clinical component and that we collaborate closely with hospitals and communities to provide treatment.
At IIIT-B Innovation Center, we engage with clinical partners and have been running a robust program to identify their specific challenges, particularly at NIMHANS. One of the solutions from these startups is the KABHI Clinic under the Karnataka Brain Health Initiative.
Also Read: This Healthcare Leader Serviced the Poor for Just Rs.2
We are also in the early stages of discussions with two large hospitals, one focusing on non-communicable diseases (NCD) and the other on cancer. We aim to explore how we can utilize startups that are developing AI solutions and large language models (LLMs) for the early detection of these diseases.
What is your success mantra, and what is your vision moving forward?
My key to success isn't a traditional mantra, but rather my unwavering authenticity in everything I undertake. Commitment has been a cornerstone of my professional journey throughout the years. I ensure that whatever I promise, I follow through to make it happen. Additionally, I consider myself a strong collaborator, enjoying the process of working with all stakeholders to drive progress together. I don't have specific professional milestones or goals mapped out for five to ten years ahead. Instead, my aspiration is to be part of the impact sector, where I can make a difference and utilize technology to enhance that impact.